Deutsche Bank downgraded Lexmark International (NYSE: LXK) from Hold to Sell with a price target of $18.00.

The firm comments, "LXK shares have rallied ~35% since the end of August when it announced it would exit the Inkjet business and we believe near-term cost savings associated with this restructuring are now fully baked. In the meantime, we believe LXK’s medium-term growth prospects are damaged as its installed base and associated supplies revenue will decline for the foreseeable future, scale benefits dissipate and competitive forces increase. We cut our est's and rating to 'Sell' and view LXK at ~7x FY12 EPS as overvalued."